New and medium net profit by half institutions still bullish

Every reporter Tri Dan today, new and into (002001, closing price of 37.18 Yuan) disclosed 2009.5 Annual report.　　Semi-annual reports show that the company's total operating income of 1.216 billion yuan, the same period of business receipts 1.936 billion yuan down 37.2%, the total profit of 440 million yuan, down 56.6%, to achieve a net profit of 358.6797 million yuan, the year-on-year decline of 53.13%, earnings per share of 1.05 yuan. However, the new and the second half of the year, although the performance has declined, but the company's two quarter performance quarter-on-quarter growth.　　The researchers said that the change in performance was more reflective of the company's ve business, and that the new and new report should be "forward-looking". Second quarter performance Quarter-on-quarter growth Company reported that the report period, the company's main business total gross margin of 577.737 million yuan, the same period last year down 52.78%, gross profit margin of 47.93%, down 15.77%.　　During the reporting period, the profitability of a significant decline, mainly due to the impact of the international financial crisis, in addition to the flavor and fragrance product Gross profit margin has some improvement, the company's other products of the market demand and gross margin have been different degrees of decline. Among them, the operating income of ve decreased by 64.86% from the same period a year earlier, and the gross profit margin decreased by 4.29% 37.79%;va than the same period a year earlier, but the gross profit margin decreased 66.51% compared with the same period last year. Flavor and fragrance performance, operating income year-on-year growth of 97.58%, gross profit growth of 21.21%.　　The company also expects a 2009 1 ~ September Net profit to fall 40%~70% from a year earlier. However, the vitamin industry has reversed in the two quarter. In the semi-annual report, the company said, entered the May, VE and VA products, the market began to rebound, prices began to stabilize and a slight rebound.　　Benefit from the amount of vitamin products rise, the company's two-quarter performance rose sharply, the net profit growth rate reached 173.57%! Performance is expected to continue to improve the company's semi-annual report, the top 10 circulating shareholder seats are still institutions gathered, of which Warburg Societe Generale occupy 3 seats, Hua Bao Xingye strategy growth of 7.9994 million shares, Warburg Xingye industry selected to hold 3.7726 million shares, Warburg Xingye earnings growth holdings 1.93 million shares. In addition, the letter to the Bank of Australia's leading growth, the investment Morgan domestic demand power and other funds are also heavy warehouse holdings.　　Visible institutional investors are still optimistic about the company's VE business. In the 2007 ~2008 years, ve prices have been higher, ve price has once been up to 250 yuan/kg, when many dealers are unwilling to purchase, resulting in shrinking demand, vendor inventory accumulation. Because ve shelf life of only 12 months, the production enterprise inventory accumulated larger, in order to go to inventory, ve prices began to decline significantly. After 2-5 months to inventory after the completion of several major production ve giants turn off to make ve prices have a sharp reversal. Related numberAccording to the show, the current dealer quotes have reached 180/kg, approaching the 2008-year high. CIC Securities researcher Zhou Rui that the current global ve production pattern is stable, the future of the price of VE long-term expected high maintenance. With the price of VE, VA, New and quarterly performance reversal trend established, he expected the company 3~4 quarterly results will continue to improve.